US footwear makers set to extend declines on tariff turmoil

Shares U.S-listed footwear makers slip in premarket trading on President Donald Trump's tariffs and rising recession fears .N

Trump's tariffs on Asia production hubs, including Vietnam, Indonesia and China, a major blow Nike NKE.N and Roger Federer-backed On ONON.N Holding among others

Nike and On shares are down nearly 12% since Trump imposed tariffs on April 2

Nike, VF Corp VFC.N, Under Armour UAA.N among companies at high risk of a margin squeeze, TD Cowen analysts write, trimming price targets

"The U.S. retail ecosystem is largely built off low-cost labor and high volume production in Asia," brokerage says

"Tariff mitigation will occur (sharing cost with suppliers) but there are zero countries with capacity to shift production and suppliers operate on thin margins"

Shares of Nike down 4% and On fall 5.8% before the bell

Under Armour drops 2.7%, VF Corp 7.2% and Lululemon Athletica LULU.O 5.2%

Sporting goods retailer Foot Locker FL.N falls 5.1%